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His conglomerate Reliance Industries announced Thursday that it will allocate a whopping 6 trillion rupees (about $80.6 billion) to renewable energy projects in Gujarat, western India.
Most of the money, about $67.7 billion, will be used for new power plants and hydrogen systems, the company said in a stock exchange filing. Reliance plans to invest heavily over a period of 10 to 15 years and has begun looking for land for a 100 gigawatt capacity site.
The company also plans to create a new manufacturing hub dedicated to the production of solar panels, fuel cell technology and other renewable energy sources.
Reliance said the new initiative “descends the vision” of Indian Prime Minister Narendra Modi. The company’s million job forecast includes new opportunities, both direct and indirect, which are home to Prime Minister Modi.
Renewable energy is starting to take off in India. Last year, new installations of such projects were projected to double he nationwide from 2015 compared to 2020.
Trends come at critical times. At the end of last year, coal still accounted for nearly 70% of the country’s electricity generation.
This has left the world’s second most populous nation at risk of a coal shortage last October, putting commodity stocks at very low levels at most Indian power plants, leaving them in a vulnerable spot recently. was placed in
Reliance is one of India’s most valuable and recognizable companies. Large corporate conglomerates spanning petrochemicals, telecommunications and retail have long strived to reduce their dependence on oil.
There has also been a recent shift in focus as company chairman Ambani seeks to transform the company into a global tech giant.
In a statement on Thursday, Reliance said it would use the remaining funds to invest “in existing projects and new operations over the next three to five years.”
In the meantime, the company will invest $1 billion to upgrade its mobile network to 5G and spend about $406 million on its retail sector.
— Diksha Madhok contributed to this report.
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